Discrimination-free insurance pricing

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<title>Discrimination-free insurance pricing</title>
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<dateIssued encoding="marc">2022</dateIssued>
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<abstract displayLabel="Summary">We consider the following question: given information on individual policyholder characteristics, how can we ensure that insurance prices do not discriminate with respect to protected characteristics, such as gender? We address the issues of direct and indirect discrimination, the latter resulting from implicit learning of protected characteristics from nonprotected ones. We provide rigorous mathematical definitions for direct and indirect discrimination, and we introduce a simple formula for discrimination-free pricing, that avoids both direct and indirect discrimination. Our formula works in any statistical model. We demonstrate its application on a health insurance example, using a state-of-the-art generalized linear model and a neural network regression model. An important conclusion is that discrimination-free pricing in general requires collection of policyholders' discriminatory characteristics, posing potential challenges in relation to policyholder's privacy concerns.

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<note type="statement of responsibility">M. Lindholm...[et.al.]</note>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080598358">
<topic>Productos de seguros</topic>
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<topic>Tarifas</topic>
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<topic>Discriminación</topic>
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<title>Astin bulletin</title>
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<publisher>Belgium : ASTIN and AFIR Sections of the International Actuarial Association</publisher>
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<identifier type="issn">0515-0361</identifier>
<identifier type="local">MAP20077000420</identifier>
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<text>03/01/2022 Volumen 52 Número 1 - enero 2022 , p. 55-89</text>
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